Go Buy A Kite: And if you are going to spend almost $12 billion on a kite, it had better fly.

That’s what Foster City-based Gilead Sciences is hoping for, because on Monday it said it would lay out $11.9 billion to acquire Kite Pharma, in a deal that could make Gilead a major player in the market for drugs to fight cancer.

Kite specializes in cancer treatments and therapies, and its first one on the market, for non-Hodgkin lymphoma, is expected to get approval from U.S. regulators later this year.

However, like with any type of new cancer treatment, there’s always a bit of rolling the dice involved. The drugs may not work as hoped, or rivals could come out with something better. And Gilead, while having a strong track record with treatments for viral diseases like hepatitis-C, has almost no history in cancer medication.

Gilead has also suggested that investors, or anyone, looking for a quick return on the company’s spending shouldn’t hold their breath, as Kite isn’t expected to contribute to Gilead’s earnings for at least three years after the acquisition closes toward the end of the year.

So, in other words, expect Gilead to keep the “kite” that is Kite stored away until there is enough wind in the air to get it aloft. Three years is a long time to remain patient, and by then, who knows? The skies could be clear, or full of clouds for Kite.

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Uber’s New Driver: In case you missed it, the new Uber chief executive will be … Nope, it’s not Meg Whitman. And it’s not former General Electric CEO Jeff Immelt. Instead, it will be … Dara Khosrowshahi, currently the CEO of online travel agency Expedia. Khosrowshahi has been chosen by Uber’s board of directors to replace the company’s former top boss, Travis Kalanick, and Khosrowshahi is reportedly going to accept the offer to take the helm of the embattled ride-sharing company.

Bottom of the Lineup:

Mark Your Calendar: Apple hasn’t officially said it yet, but … The company is expected to be gearing up for an event on Sept. 12 to unveil several new products, most notably, the 10th anniversary edition of the iPhone, also known as iPhone 8. Whether the new iPhone is called that (or, iPhone X, or iPhone Awesome or iPhone Anything Else), is, of course, to be seen. But, since Apple has held an event around this time of year, every year, for nearly a decade and shown off new iPhones at the gathering, you might as well start your iPhone guessing games now, if you haven’t already.

Quote of the Day: “The world can be a serious place. That’s why it’s important to make time to go outside and play.” — Facebook CEO Mark Zuckerberg, and his wife, Dr. Priscilla Chan, in a letter to their newborn daughter, August. Zuckerberg and Chan made their daughter’s birth public on Monday.

Rex Crum is the senior web editor for the business section for The Mercury News and Bay Area News Group. He also writes about business and technology for the publications' print and web editions, and has covered business and technology for nearly two decades. A native of Seattle, he remains a diehard Seahawks and Mariners fan and is imparting his fandom to his Oakland-native wife and two young daughters.